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Market interactions are brought about by the interplay of entitlements and obligations. Entitlements are rights, as perceived by the individuals. They are subjectively perceived rights that go along with a motivational disposition to defend them. Obligations are the counterparts of entitlements....
Persistent link: https://www.econbiz.de/10011568557
). New contract language also includes dispute resolution provisions (e.g., jury waivers, forum selection clauses) that are …
Persistent link: https://www.econbiz.de/10011582006
about the asset? How do the disclosure rules of contract law influence the investigation decision? Shavell (1994) showed …-disclosure rule, which requires disclosure of material information, but only after the contract is concluded. We show that this rule … can be more efficient than both voluntary disclosure and mandatory (pre-contract) disclosure …
Persistent link: https://www.econbiz.de/10011674107
Contract law and the economics of contract have, for the most part, developed independently of each other. In this … essay, we briefly review the notion of a contract from the perspective of lawyer, and then use this framework to organize … the economics literature on contract. The title, Contracts between Legal Persons, limits the review to that part of …
Persistent link: https://www.econbiz.de/10009312933
We study the voting rules to modify, amend, and renegotiate syndicated loan contracts. We base our hypotheses on a model that shows how amendment thresholds can mitigate agency conflicts within the lending syndicate. Consistent with our model predictions, we find that voting rules are more...
Persistent link: https://www.econbiz.de/10013212543
governmental contract enforcement. We find that firms in relationship-specific industries have higher valuations, measured by Tobin …
Persistent link: https://www.econbiz.de/10012900916
Among default remedies for breach of contract, expectation damages are believed superior to property rules such as …
Persistent link: https://www.econbiz.de/10013066290
In several contract situations, parties exchange promises of future performance, creating reciprocal obligations. In … this paper, we extend the standard models of contract remedies to consider the incentives created by contracts where both … into a contract where they exchange a promise for an actual performance. We show that when the values of the parties …
Persistent link: https://www.econbiz.de/10013137696
Existing incomplete contracting models assume that contracting parties have perfect self-control. This Article approaches the incomplete contracting problem from a new perspective, one that brings to the foreground the potential self-control problems faced by contracting parties. In particular,...
Persistent link: https://www.econbiz.de/10014069444
in deciding cases. Judges in deciding contract cases should therefore try to harness the parties' private information …
Persistent link: https://www.econbiz.de/10014070724